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1、此文档是毕业设计外文翻译成品（ 含英文原文+中文翻译），无需调整复杂的格式！下载之后直接可用，方便快捷！本文价格不贵,也就几十块钱！一辈子也就一次的事！外文标题：THE INFLUENCE OF CAPITAL STRUCTURE ON BALTIC CORPORATE PERFORMANCE外文作者：Julia Bistrova, Natalja Lace, Valentina Peleckien文献出处: Journal of Business Economics and Management ，2018， Volume 12(4): 655669 (如觉得年份太老，可改为近2年，毕竟很多
2、毕业生都这样做)英文5281单词，33400字符(字符就是印刷符)，中文8021汉字。（如果字数多了，可自行删减，大多数学校都是要求选取外文的一部分内容进行翻译的。）THE INFLUENCE OF CAPITAL STRUCTURE ON BALTIC CORPORATE PERFORMANCEAbstract：Seeking for the optimal capital structure lasts for more than 50 years and still is very topical, especially during the market turmoil as it h
3、appened in 2008. No perfect answer is yet provided to the question of how large debt amount should be kept on the accounts. The main objective of the present paper is to analyze the impact of capital structure decisions on the equity performance and on the profitability of the companies located in B
4、altics. The study covered the time period of 4 years (from 2007 till 2010) and the sample data of 36 “blue-chip” companies listed on the Baltic Stock exchanges. The results of the study discover positive relationship between stock performance and sufficiency of equity capital. Besides, there was fou
5、nd an inverse relationship between the level of debt and capital profitability confirming the pecking order theory that in the best case the company should use self-generated funds.Keywords: capital structure, capital profitability, stock returns, debt level.1.IntroductionThe decision of target capi
6、tal structure is one of the most difficult in enterprise management as there is always a dilemma between corporate profitability, which is offered by fiscal benefit, and the risk, which is faced when the share of debt in total assets starts to prevail over equity. This becomes especially sensitive i
7、n the uncertain market conditions, e.g. during downcycles of the economy. Contractions or expansions in bank lending may affect firms balance sheet liquidity (or solidity) position. Banks are likely to be more reluctant to lend to firms in difficulty. This is reinforced when the banks are in lack of
8、 liquidity themselves. Thus, the companies in need for external financing face increased risk. Though there have been multiple studies on how the role model of capital structure should look like, still there is no consensus regarding that yet. One observes differ- ent capital structures from country
9、 to country, sector to sector, company to company. Researchers generally point to the differences in capital structure between developed and emerging markets as well as across developed markets. For instance, companies in France, Italy, Japan are more highly levered than the companies in the United
10、States and United Kingdom. At the moment average equity ratio of US companies (S&P 500) is 41%, while Western European companies (Stoxx 600) have it over 37%. Not only are certain patterns seen in capital structure but also in debt maturity. It is interesting that companies in the developed markets
11、typically have more long-term debt and tend to have higher long-term debt to total debt ratios compared to the peers located in emerging the markets (Booth et al. 2001). Companies in higher inflation environment usually exhibit lower levels of financial leverage, rely more on equity financing, and h
12、ave shorter debt maturity structure compared to their peers in lower inflation countries as high inflation has a negative impact on both the level of debt financing and desired debt maturity.Public companies domiciled in the emerging markets (China, India, Russia, Brazil, Eastern Europe) are under s
13、crutinized attention regarding the quality of their balance sheets as in the conditions of tight liquidity equity markets of developing countries are the first to suffer. This was clearly seen during the recent liquidity crunch on the financial markets there was a major money outflow seen in the eme
14、rging countries. Management of the companies needed to make significant efforts to persuade investors to stay loyal, to demonstrate that companies are able to generate enough cash flows to self-finance and that balance sheet is strong enough to overcome the downturn in the global economy. This is al
15、so closely connected with the corporate sustainability question, which has been extensively researched within the Baltic market (Adekola et al. 2008; Balkyt, Tvaronaviien 2010; Tvaronaviien et al. 2009).Thorough investigation of corporate financing structure becomes more topical as institutional inv
16、estors make their investment decisions more sophisticated and understand that the abnormal growth, which was experienced on the emerging markets in early years of 21st century, has expired and now one needs to make well thought through decisions. More careful approach to balance sheets assessments is also encouraged by the recent bankrupts: Lehman Brothers, General Motors, MGM, Cello Energy etc. As a consequence of these corporate actions and rec
